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eXp World (EXPI) investor relations material
eXp World Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue grew 1% year-over-year to $1.31 billion in Q2 2025, driven by higher home sales prices and international growth, despite a decline in U.S. transactions.
Net loss was $2.3 million, or $(0.01) per diluted share, compared to net income in the prior year, reflecting higher agent commissions, personnel, litigation, and technology costs.
Adjusted EBITDA was $11.2 million, down sharply year-over-year due to increased agent-related and operating expenses.
Agent count was 82,704, down 5% year-over-year but up 1% sequentially, with a strong Net Promoter Score of 77.
Launched major programs including cosponsor, CRM of choice, and Land and Ranch, with strong agent adoption and engagement.
Financial highlights
Q2 2025 revenue was $1.31 billion, up 1% year-over-year; real estate sales volume increased 1% to $52.5 billion, while transactions declined 2%.
Adjusted EBITDA was $11.2 million, with a margin of 0.86%; net loss margin was -0.18%.
Operating loss was ($2.4) million for Q2 2025, compared to operating income of $18.5 million in Q2 2024.
Cash and cash equivalents at quarter-end were $94.6 million, down from $108.4 million a year earlier, after a $17 million litigation payment.
Distributed $32.6 million to shareholders via $24.9 million in stock repurchases and $7.7 million in dividends.
Outlook and guidance
Management expects GAAP gross margins to remain in the low 7% range for the second half of the year, in line with industry trends.
Operating expenses are expected to improve in the back half of the year following one-time severance and strategic investment costs in Q2.
International segment is not expected to reach net profitability for 2–3 years as investments continue in new markets.
Board declared a Q3 2025 cash dividend of $0.05 per share, payable August 29, 2025.
The company is evaluating the impact of the One Big Beautiful Bill Act (OBBBA) enacted in July 2025 on deferred tax assets and liabilities.
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